Hong Kong’s Cathay Pacific Group has further slashed its April capacity from its originally planned 4% to 3% after a dismal start to its April passenger traffic.
The Hong Kong Airport Authority (AA) has announced a HK$1 billion ($129 million) package of financial aid for the aviation sector but Cathay Pacific says more is needed to help carriers hard-hit by the coronavirus crisis.
Cathay Pacific Group’s April and May capacity will be reduced to just 4% of its normal total following plunging demand and a widening list of travel restrictions following the COVID-19 coronavirus pandemic.
Cathay Pacific Airways, which was one of the earliest airlines to be heavily affected by the COVID-19 pandemic, has moved to improve its liquidity situation with the sale and leaseback of six Boeing 777-300ERs.
Cathay Pacific Airways posted a net profit of HK$1.7 billion ($217 million) in 2019, down 28% year-over-year (YOY), as anti-government protests that began in June 2019 precipitated a significant decline in what is usually a stronger period for the airline.
Cathay Pacific Airways has asked its 27,000 employees to take three weeks of unpaid leave to “preserve cash,” as the Hong Kong-based carrier deals with the widespread Wuhan coronavirus in China, following seven months of anti-government protests that have severely affected the airline.
Cathay Pacific projects that its mainland China network will be almost completely suspended as a result of the novel coronavirus outbreak, dealing another blow to the carrier before it has recovered from a severe demand drop in 2019.
Cathay Pacific Group saw passengers carried for 2019 slip 0.7% year-on-year (YOY) to 134.4 million passengers, reflecting seven months of ongoing anti-government protests in Hong Kong.
Cathay Pacific Airways has agreed to temporarily take over its partner Air New Zealand’s (ANZ) Hong Kong flights, which will help ANZ cover for a shortage of international capacity.
In the second of a three-part feature, Routesonline takes a closer look at the organisations shortlisted in three categories of the World Routes Awards 2019.
Qantas has received final approval to form a joint business with American Airlines, but its hopes for a new codeshare deal with Cathay Pacific on flights between Hong Kong and Australia have been thwarted.
Cathay Pacific is set to enter the low-cost market after striking a deal to buy HK Express, Hong Kong’s only budget carrier. If completed, the deal would take the Oneworld member’s share of departure seats from Hong Kong to more than 50 percent.
Carriers around the world will face financial consequences and a customer backlash if they do not improve their working practices, a senior executive from Cathay Pacific has cautioned.
This week: Market demand boosts Air Italy; Saudia suspends Toronto flights; Cathay Pacific Group's financials; Air Canada sets passenger record and more.
This week: Cathay Pacific to add tenth destination in North America; Qatar Airways increases Scandinavian focus; and Vietjet set for second link to Japan.
